RMD - Insulet Q1 Earnings Top 2024 Revenue View Raised | Benzinga
Insulet Corporation (NASDAQ: PODD) reported GAAP earnings per share of 73 cents for first-quarter 2024, which significantly improved from the year-ago period's EPS of 34 cents. The figure also exceeded the Zacks Consensus Estimate by 87.2%.
First-quarter 2023 adjusted earnings per share were 23 cents.
Revenues
Revenues in the first quarter totaled $441.7 million, beating the Zacks Consensus Estimate by 4.3%. The top line jumped 23.3% year over year (up 22.8% at the constant exchange rate or CER). CER growth exceeded the company's guidance range of 17% to 20% projected growth from first-quarter 2023.
Q1 in Detail
Insulet's Total Omnipod revenues of $433 million reflected an increase of 21.1% year over year (up 20.5% at CER). International Omnipod revenues of $115.3 million rose 16.9% (up 14.8% at CER). U.S. Omnipod revenues grew 22.7% year over year to $317.7 million.
The Drug Delivery business revenues totaled $8.7 million compared with $0.5 million in the year-ago period.
Insulet Corporation Price, Consensus and EPS Surprise
Insulet Corporation price-consensus-eps-surprise-chart | Insulet Corporation Quote
Margins
Gross profit in the reported quarter was $306.8 million, up 27.6% from the prior-year quarter's levels. Gross margin of 69.5% expanded 230 basis points year over year.
Selling, general & administrative expenses rose 22.7% to $199.7 million.
Research and development expenses edged up 0.2% year over year to $50.2 million.
The operating profit in ...